Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]
- Market Cap ₹ 77,563 Cr.
- Current Price ₹ 223
- High / Low ₹ 276 / 67.6
- Stock P/E
- Book Value ₹ 74.9
- Dividend Yield 0.18 %
- ROCE 3.33 %
- ROE 1.70 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 20.1%
- Debtor days have improved from 62.0 to 48.9 days.
Cons
- Stock is trading at 2.99 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -4.11% over past five years.
- Company has a low return on equity of -2.25% over last 3 years.
- Earnings include an other income of Rs.565 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
48,340 | 48,903 | 39,561 | 31,323 | 25,505 | 28,465 | 28,827 | 30,441 | 21,463 | 17,309 | 21,211 | 23,365 | 23,860 | |
38,393 | 39,420 | 34,982 | 29,183 | 26,862 | 27,370 | 27,174 | 28,409 | 21,596 | 20,357 | 20,383 | 22,557 | 23,688 | |
Operating Profit | 9,947 | 9,483 | 4,579 | 2,141 | -1,357 | 1,095 | 1,653 | 2,032 | -133 | -3,049 | 828 | 807 | 171 |
OPM % | 21% | 19% | 12% | 7% | -5% | 4% | 6% | 7% | -1% | -18% | 4% | 3% | 1% |
1,276 | 1,132 | 1,617 | 1,221 | 1,492 | 753 | 679 | 662 | 590 | 393 | 405 | 544 | 565 | |
Interest | 53 | 128 | 133 | 92 | 360 | 413 | 330 | 378 | 613 | 467 | 448 | 612 | 699 |
Depreciation | 803 | 957 | 985 | 1,082 | 937 | 850 | 787 | 476 | 503 | 473 | 314 | 260 | 253 |
Profit before tax | 10,367 | 9,531 | 5,078 | 2,187 | -1,161 | 586 | 1,215 | 1,840 | -659 | -3,596 | 470 | 479 | -216 |
Tax % | 32% | 30% | 31% | 34% | 39% | 22% | 64% | 46% | -123% | 25% | 5% | 0% | |
7,087 | 6,693 | 3,502 | 1,450 | -706 | 455 | 438 | 1,002 | -1,468 | -2,700 | 445 | 477 | -120 | |
EPS in Rs | 19.30 | 18.23 | 9.54 | 3.96 | -1.92 | 1.25 | 1.20 | 2.89 | -4.21 | -7.75 | 1.28 | 1.37 | -0.35 |
Dividend Payout % | 22% | 20% | 20% | 20% | -14% | 85% | 151% | 69% | 0% | 0% | 31% | 29% |
Compounded Sales Growth | |
---|---|
10 Years: | -7% |
5 Years: | -4% |
3 Years: | 3% |
TTM: | 3% |
Compounded Profit Growth | |
---|---|
10 Years: | -24% |
5 Years: | 2% |
3 Years: | 32% |
TTM: | -115% |
Stock Price CAGR | |
---|---|
10 Years: | 6% |
5 Years: | 27% |
3 Years: | 63% |
1 Year: | 202% |
Return on Equity | |
---|---|
10 Years: | 1% |
5 Years: | -2% |
3 Years: | -2% |
Last Year: | 2% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 490 | 490 | 490 | 490 | 490 | 490 | 734 | 696 | 696 | 696 | 696 | 696 | 696 |
Reserves | 24,914 | 30,059 | 32,681 | 33,717 | 31,825 | 31,899 | 31,601 | 30,208 | 27,964 | 25,287 | 25,810 | 26,132 | 25,386 |
432 | 2,698 | 4,693 | 1,889 | 211 | 156 | 110 | 2,598 | 5,080 | 4,951 | 4,830 | 5,454 | 9,040 | |
41,664 | 38,572 | 37,468 | 34,887 | 33,051 | 29,153 | 31,495 | 30,987 | 26,550 | 25,025 | 25,654 | 27,832 | 25,796 | |
Total Liabilities | 67,499 | 71,818 | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 60,114 | 60,919 |
4,519 | 4,667 | 4,729 | 4,230 | 3,969 | 3,601 | 3,073 | 2,970 | 2,817 | 2,491 | 2,398 | 2,476 | 2,481 | |
CWIP | 1,763 | 2,467 | 2,931 | 2,614 | 318 | 168 | 203 | 235 | 314 | 420 | 431 | 354 | 323 |
Investments | 6 | 6 | 6 | 6 | 796 | 757 | 429 | 152 | 162 | 185 | 205 | 235 | 239 |
61,211 | 64,679 | 67,665 | 64,134 | 60,494 | 57,171 | 60,235 | 61,132 | 56,998 | 52,864 | 53,956 | 57,048 | 57,877 | |
Total Assets | 67,499 | 71,818 | 75,331 | 70,983 | 65,577 | 61,698 | 63,940 | 64,490 | 60,291 | 55,960 | 56,991 | 60,114 | 60,919 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-701 | 1,759 | 4,512 | 821 | 374 | 560 | 989 | -3,860 | -2,892 | 560 | 660 | -742 | |
-582 | -1,113 | -868 | 650 | 23 | -565 | 961 | 1,919 | 1,877 | -42 | -1,118 | 1,480 | |
-1,690 | 472 | 523 | -3,543 | -122 | -468 | -667 | -32 | 1,622 | -394 | -329 | 89 | |
Net Cash Flow | -2,972 | 1,118 | 4,167 | -2,071 | 275 | -473 | 1,283 | -1,973 | 608 | 123 | -787 | 828 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 200 | 219 | 260 | 309 | 321 | 283 | 178 | 142 | 121 | 85 | 52 | 49 |
Inventory Days | 210 | 186 | 195 | 270 | 272 | 200 | 191 | 218 | 321 | 333 | 274 | 261 |
Days Payable | 159 | 152 | 174 | 239 | 240 | 225 | 301 | 297 | 300 | 281 | 291 | 345 |
Cash Conversion Cycle | 252 | 253 | 281 | 340 | 353 | 258 | 68 | 63 | 142 | 137 | 35 | -35 |
Working Capital Days | 102 | 126 | 158 | 193 | 209 | 162 | 121 | 130 | 157 | 146 | 84 | 98 |
ROCE % | 45% | 33% | 15% | 6% | -2% | 3% | 5% | 7% | -0% | -10% | 3% | 3% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 15 Mar
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 8 Mar
- Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 7 Mar
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
5 Mar - BHEL has received an order from NTPC Ltd
- Clarification Regarding News Item 4 Mar
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Concalls
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Nov 2023TranscriptNotesPPT
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May 2023TranscriptPPTREC
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Feb 2023TranscriptNotesPPT
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May 2022TranscriptPPT
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Jul 2021TranscriptPPT
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Sep 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Aug 2019TranscriptPPT
Power Sector (~76% of revenues)[1]
The company has capabilities to manufacture the entire range of power plant equipment including thermal, gas, hydro and nuclear power projects.[2]